Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by wade3333, Dec 31, 2008.
Having a clint to request the new form 1/1/09.
I saw a copy from Ala Mode
Do we or will we have one?
It was in the latest update from Wintotal. Dec 18th.
yep, actually you could have down loaded a beta about a month ago.
Has anyone been teaching a protocol to follow on the new mandatory 1004MC. What should we be expecting for this information in practical application. Lots of loose ends on this mathmatical report that STILL REQUIRES HUMAN INPUT and standardized parameters. The real issue is for at in term have an approved all equal playing field in identifying what our standard reporting parameters are(or should be). There is alot of exposure because it is new and the protocol has not been set. I understand the intent is to QUANTIFY the stated boxes we trend. If not matching you need to explain. We have already been doing that and reacting with already lower values and extended marketing time. Its just an item that of additional burden and not near as valuable if not clearly defined. They took about a year to come up with numbers that fit into a box line item before.
If you hear of a productive class or some good comments as to APPLICATION STANDARDS for data used or are using yourself please pass it along. We are in a nondisclosre state over hear so the problem is magnified with no real direct public access.
I don't think there can be standard reporting parameters as each market will be very different in the type of data that can be gathered based on the MLS used, or the lack of MLS in some cases.
Another useless form to take up our time. The dishonest will manipulate the data to suit their needs, the honest appraiser will beat their heads against the wall trying to provide data that the client won't understand anyway. The good appraisers in the areas the data is readiliy available have been doing this or something similar (or superior) anyway.
Using MRIS for the 1004MC
Anybody out there in VA/MD/PA using the MRIS data have a good system for coming up with listing history for comparable properties ?? We are now getting orders that require this questionable form. Wish they had gone more of the ERC route for getting this information.
Free form plus instructions on how to drop an MLS download into it for automatic calculation and population of the form.